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Prudential Financial, Inc. Announces Second Quarter 2013 Results

The Closed Block Business reported income from continuing operations before income taxes of $4 million for the second quarter of 2013, compared to a pre-tax loss of $2 million for the year-ago quarter.

The Closed Block Business reported net income attributable to Prudential Financial, Inc. of $3 million for the second quarter of 2013, compared to a net loss of $5 million for the year-ago quarter.

For the first half of 2013, the Closed Block Business reported income from continuing operations before income taxes of $23 million, compared to $28 million for the first half of 2012. The Closed Block Business reported net income attributable to Prudential Financial, Inc. of $18 million for the first half of 2013, compared to $16 million for the first half of 2012.

Consolidated Results

There is no legal separation of the Financial Services Businesses and the Closed Block Business, and holders of the Common Stock and the Class B Stock are both common stockholders of Prudential Financial, Inc.

On a consolidated basis, which includes the results of both the Financial Services Businesses and the Closed Block Business, Prudential Financial, Inc. reported a net loss attributable to Prudential Financial, Inc. of $521 million for the second quarter of 2013 compared to net income of $2.224 billion for the year-ago quarter, and reported a net loss attributable to Prudential Financial, Inc. of $1.227 billion for the first half of 2013 compared to net income of $1.285 billion for the first half of 2012.

Share Repurchases

During the second quarter of 2013, the Company acquired 3.9 million shares of its Common Stock at a total cost of $250 million, for an average price of $64.45 per share. From the commencement of repurchases in July 2011, through June 30, 2013, the Company acquired 35.2 million shares of its Common Stock at a total cost of $1.9 billion, for an average price of $54.00 per share. The current quarter repurchases were under an authorization by Prudential’s Board of Directors in June 2012 to repurchase at management’s discretion up to $1.0 billion of the Company’s outstanding Common Stock through June 2013. On June 11, 2013, the Company announced that its Board of Directors authorized further repurchases at management’s discretion of up to $1.0 billion of the Company’s outstanding Common Stock during the period from July 1, 2013 through June 30, 2014.

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